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Energy Market Insights: OPEC+ Meeting

Our Executive Director of Energy Products, Jeff White discusses the upcoming OPEC+ meeting, the probability of certain meeting outcomes based on WTI options volatility data and how the CME OPEC Watch Tool can prepare traders as we get closer to the meeting itself.

    WTI Options Liquidity During Non-U.S. Hours


    • Over 80% of WTI Options (LO) volume electronically traded for almost two years.
    • 16% of total electronic LO volume has been executed during non-US hours YTD in 2019.

    New Expiration Rules for Options


    The new options expirations rules include the elimination of contrary exercise instructions for all physically-settled Crude Oil, Natural Gas, Refined Products, and Metals options contracts that expire after January 1, 2018.  Brent (BZO), Coal, Power, and Emissions options are excluded.

    In addition, for exact at-the-money settlements, the auto-exercise rule has changed. If the underlying settlement price falls exactly on a strike price at expiration, the at-the-money calls will be exercised and the at-the-money puts will be abandoned.

    For More Information:

    Clearing CME Globex Floor CME ClearPort Product Name Subgroup Exchange Volume Open Interest
    LO LO - LO Crude Oil Options Crude Oil NYMEX 96,920 2,561,667
    LN LNE - LN Natural Gas Options (European) Natural Gas NYMEX 84,821 1,824,014
    G4 G4X - G4 Natural Gas (Henry Hub) Last-day Financial 1 Month Spread Options Natural Gas NYMEX 4,500 41,700
    BE BE - BE Brent Last Day Financial (European) Options Crude Oil NYMEX 4,000 62,525
    G3 G3B - G3 Natural Gas (Henry Hub) Last-day Financial 3 Month Spread Options Natural Gas NYMEX 3,300 37,000
    ON ON - ON Natural Gas Options (American) Natural Gas NYMEX 3,249 88,893
    6J A6J - 6J Natural Gas Calendar Strip Options Natural Gas NYMEX 1,200 14,264
    OH OH - OH NY Harbor ULSD Option Refined Products NYMEX 1,132 56,991
    BV ABV - BV WTI-Brent Crude Oil Spread Options Crude Oil NYMEX 1,100 126,335
    LO2 LO2 - LO2 Crude Oil Weekly Options Wk 2 Crude Oil NYMEX 1,049 0
    Trade Date: 12 Jul 2019 | FINAL

    Note: Volume and Open Interest data is from the previous trade date. Preliminary data updates at approximately 9:00 p.m. CT and the final update is at 10:00 a.m. CT next business day.

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